Gold and Silver Spot

Gold trading in a bull flag formation & topped almost exactly at the selling opportunity at 1488/90.

Silver longs at important support at 1655/50 are working perfectly on the recovery to 1712 but we unexpectedly collapsed back to 1674.


Daily Analysis

Gold crashed from just below 1487 to 1462. Minor resistance at 1471/73 but above here 1475 targets 1478/80, perhaps as far as 1484. Try shorts at 1488/90 with stops above 1492. A break higher (& close above for confirmation) is an important medium term buy signal.

First support at 1463/61 but below 1460 targets 1457/56. A break below 1454 targets 1450 & 1445.

Silver outlook remains positive as long as we hold important support at 1655/50. Holding above 1675/80 today retests first resistance at 1693/96. Further gains retest 1710/12. A break higher is a buy signal targeting 1726/30, perhaps as far as minor resistance at 1740/45 in to next week.

Important important support at 1655/50. A break below 1630 is a sell signal therefore targeting 1610 & 1590/85.



Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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